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Varcoe: 'Unresolved endgame' — High oil prices expected to remain, despite Wednesday's sharp drop

Oil prices are still up more than 40 per cent since the end of February

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Canadian petroleum producers and energy experts believe it will take months to bring crude prices back down to earth after a six-week liftoff, even after oil markets plummeted Wednesday following a ceasefire being unveiled in the Middle East war.

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A drop of more than US$18 a barrel for benchmark U.S. oil prices was a “knee-jerk reaction” to the latest political development, but there are still important issues to clarify, said Al Salazar, vice-president of intelligence at energy analytics firm Enverus.

Markets have shifted into a higher price band since the start of the war in late February, and it’s........

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